Deciding to take the step into entrepreneurship can be an exciting and frightening choice all in one. There are so many reasons for wanting to work for yourself as an entrepreneur, but finding success can be the most stressful and difficult things you’ll encounter. Here are 10 tips that every entrepreneur can use to help their own businesses grow into successful enterprises.
1. Focus on talent
As obvious as it may seem, the single most important thing you will do for your business will be to find, hire and keep talented people. It’s not just simply about finding the best minds out there – there are many other factors that go into acquiring the best talent available.
Experience, a good understanding of the business, as well as the ability to see things from a different perspective are all important factors to consider when looking to hire talented individuals.
2. Know your value
Many entrepreneurs tend to undervalue the work they do. It can sometimes be difficult to see the value in the work you’re doing, especially when mass-produced products are usually available for less. Don’t be afraid to price your products and services appropriately – keep in mind the time you’re spending as well as all of the resources being used. There are simple product pricing calculators that you can use to get a general idea of what you should be charging for your products and services.
3. Reach out to the community
New entrepreneurs can gain a great deal of knowledge from those who have already walked the path that they are now starting down. Finding mentors who have experienced what you are going through can help you see the potential of your own business, and can give you insight into the challenges that lie ahead and how you can navigate them. You can also find other local entrepreneurs to partner with and build successful businesses in tandem.
4. Challenge yourself
In order to find success, it’s essential that you are continually challenging yourself. Setting a goal for your business, then stopping once you achieve that goal is no way to run a successful business. You should always be pushing yourself to find the next challenge.
5. Believe in yourself
There is no compromising on this – after all, if you don’t believe in yourself how can you possibly expect anyone else to? And, when you have that confidence and belief in yourself, people are more likely to place their trust in you. When you’ve got a solid plan for your business in place, it’s easier to have that confidence that you will do nothing but succeed.
6. Show your passion
When you decide to take the leap into entrepreneurship, you’ve got to be doing something you absolutely love. You’ll be dedicating a lot of hours, making sacrifices for your new business and pushing yourself to keep going – if it’s not involving something you love, it will make it incredibly difficult to continue to stay motivated.
7. Hear the complaints
It can be difficult to hear complaints and criticism about your business, but it’s an incredibly important factor in growing and evolving your business. If a customer has complaints, but they aren’t addressed and continue to occur, chances are other customers will follow with complaints of their own. Whether it relates to quality, customer service, shipments or any other aspect of your business, customer complaints can help highlight weaknesses in the business so listen to them and take them seriously.
8. Step away
As much as you may want to be involved in every aspect of the business at all times, it’s important to take time to yourself away from work. If you’ve done your hiring properly, you should be able to take some time off with confidence that those you’ve hired can run things while you’re off. You can also make running your business a little easier by figuring out what tasks can be delegated to others, to help free up some of your time.
9. Ask for things
There is no shame in asking for whatever you need – whether it’s advice, help, mentoring or anything else. Most successful entrepreneurs are happy to share their experiences with those just starting out. You can’t be expected to know everything, so be ready to ask for and accept advice and information. Ontario Business Central is here to answer all of your business registration and incorporation questions, making it simple to have your registration or incorporation completed quickly.
10. Failure is an option
It’s almost inevitable that a new entrepreneur will experience failure in some type of way, whether it’s falling short of meeting your projections or failing to see a projected return on investment. Use your failures as learning opportunities to make necessary changes that will help steer your business towards success.
When you are ready to register your business, Ontario Business Central can assist with registering a small business in the following Provinces:
If you’re interested in Incorporating, you can do so through the links below:
Should you have any questions, please feel free to reach out to our staff for additional information and assistance.
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.
Lisa Shaw is a Corporate Specialist and the newest member of the team at Ontario Business Central. After completing her B.A. in Communications and Sociology at York University, Lisa took her passion for writing into the freelance world of sports writing for more than a decade. Her work has appeared in Fighters Only Magazine, Showdown Combat Sports and Full Contact Fighter, among others. Lisa strives to provide the highest level of service to each and every client she works with at Ontario Business Central.